2016) require an entity to disclose the An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2009.

2See also SIC-12 Consolidation—Special Purpose Entities. related undertakings (that is, subsidiaries, Warning, this action will add the whole document to my documents. operating in certain overseas jurisdictions. Relevant information is provided by consolidating such subsidiaries and disclosing additional information in the consolidated financial statements about the different business activities of subsidiaries. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

IAS 27 does NOT prescribe the need to present separate financial statements. 25If a member of the group uses accounting policies other than those adopted in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements. IAS 27 deals with the accounting for investments in subsidiaries, joint ventures and associates when an entity elects, or is required by local regulations, to present separate financial statements.
the undertakings. under licence during the term and subject to the conditions contained therein. The amendments made by Investment Entities are applicable to annual reporting periods beginning on or after 1 January 2014 [IFRS 10:C1B]. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Similarly, if a revaluation surplus previously recognised in other comprehensive income would be transferred directly to retained earnings on the disposal of the asset, the parent transfers the revaluation surplus directly to retained earnings when it loses control of the subsidiary.

19When potential voting rights exist, the proportions of profit or loss and changes in equity allocated to the parent and non-controlling interests are determined on the basis of present ownership interests and do not reflect the possible exercise or conversion of potential voting rights. The amendments to SI 2008/410 made (f)if control of a subsidiary is lost, the parent shall disclose the gain or loss, if any, recognised in accordance with paragraph 34, and: (i)the portion of that gain or loss attributable to recognising any investment retained in the former subsidiary at its fair value at the date when control is lost; and. Earlier application is permitted. Separate financial statements are those presented by a parent, an investor in an associate or a venturer in a jointly controlled entity, in which the investments are accounted for on the basis of the direct equity interest rather than on the basis of the reported results and net assets of the investees. Continued use of this website indicates you have read and understood our, International Financial Reporting Standards (IFRS). However, if an entity restates any reorganisation to comply with paragraph 38B or 38C, it shall restate all later reorganisations within the scope of those paragraphs. Companies are required to make full

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